Trafigura executives expect more upward pressure on global oil prices next year as rising U.S. shale output will not be able to fill a gap in supply once U.S. sanctions on Iranian oil come into force in early November. The commodity trader’s chief economist Saad Rahim, speaking at the Argus Global Crude Conference in Geneva,…
The Major Oil Marketers Association of Nigeria has said the pricing template for Premium Motor Spirit should be reviewed regularly to ensure that the price of the commodity reflects the reality on the ground. The Chairman, MOMAN and Managing Director, MRS Oil Nigeria Plc, Mr Andrew Gbodume, in a press briefing said, “We have a…
Players in the gas sector should canvass for speedy implementation of existing policies and pursue the delivery of identified gas opportunities, the Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote has said. He spoke in Abuja at the Nigerian Gas Association’s 2018 International Conference held recently and argued that there…
Nigeria’s state oil firm NNPC has extended its crude-for-product swap contracts, the country’s main avenue to meet the bulk of its fuel needs, until June 2019, sources familiar with the matter said. According to Reuters, despite having a refining capacity of about 445,000 barrels per day, its plants have been underperforming for years, making Africa’s…
With an already substantial portfolio Oando Energy Resources is well on its way to achieving it aims of becoming the region’s top indigenous oil and gas producer. Oando Energy Resources (OER) was birthed from the desire to create Nigeria’s foremost indigenous exploration and production company. A major step towards this ambition was the acquisition of…
Chairman/Managing Director of Chevron Nigeria Limited, (CNL) Jeff Ewing has called on stakeholders in the gas industry to support and enable the willing seller – willing buyer gas pricing model, to ensure the viability of the sector. Ewing who spoke in Abuja at the 11th Edition of the Nigerian Gas Association Conference and Exhibition, also called…
The Lagos State Employment Trust Fund (LSETF) through its technology-driven initiative, Lagos Innovates, has collaborated with IBM to empower young Africans who have limited or no knowledge of emerging technologies with digital skills. As part of the collaboration, LSETF will provide its local expertise in engaging and building the digital capacity of youths in Lagos…
The Managing Director of Total E&P Nigeria Ltd, Mr. Nicolas Terraz, has suggested to stakeholders to prioritise fixing the many problems weighing down the optimisation of gas resources rather than focusing on building new infrastructure. Speaking at a session on “Gas Infrastructure Development” during the just concluded Nigerian Gas Association (NGA) 11th International Conference and…
Minister of Power, Works and Housing, Raji Fashola, on Thursday, said that the ministry recovered 690 out of 800 containers of electricity equipment abandoned at the port for 10 years by previous administrations. Fashola said this at the commissioning of 2×100MVA – 132/33kv power transformers at Ejigbo Transmission Substation in Lagos. Fashola said that the…
Over $104 billion was lost by the Federal Government for its refusal to implement the Deep Offshore and Inland Basin Production Sharing Contract Act. This was disclosed by the Lagos-based legal luminary, Mr. Femi Falana (SAN), Thursday in Abuja. According to Falana, who stated this at the 40th anniversary of the Petroleum and Natural Gas…
